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Energy Summary for Feb. 11, 2019

2019-02-11 19:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 31 cents to $52.41 on the New York Merc, while Brent for April lost 59 cents to $61.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.63 to WTI, down from a discount of $9.43 to WTI. Natural gas for March added six cents to $2.64. The TSX energy index added 1.13 points to close at 145.82.

Alberta Cardium producer Obsidian Energy Ltd. (OBE) added eight cents to 52 cents on 1.65 million shares, pleasing investors with its latest operational update, which offset the news of its 2019 guidance reduction. The operational update revolved around the Cardium drill program that Obsidian began in the second half of 2018. The initial plan was to drill 15 wells that would produce a total of 3,700 barrels of oil equivalent a day by early 2019. Obsidian later dropped the well count to 14 while increasing the production target to 3,800 barrels a day. As of this morning, 12 of the 14 wells were on production, and Obsidian was thrilled to announce that their production is already exceeding 3,620 barrels a day. The remaining wells are to be brought on production in the next few days. Given that the two most recent wells each produced an average of over 500 barrels a day in their first 10 days, Obsidian does not foresee any problem reaching or surpassing its 3,800-barrel-a-day goal imminently.

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